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Drop in oil prices fuels lower prices at the pump

Drop in oil prices fuels lower prices at the pump

The short-term decrease results from a sudden drop in the USA benchmark West Texas Intermediate crude oil price last week to less than $49 a barrel.

Gas prices dropped a couple of cents in the past week, but are expected to drop more in the coming weeks. Statewide, we're down 7ยข to $2.34.

Average retail gasoline prices in Sacramento have risen 1.3 cents per gallon in the past week, averaging $2.87/g yesterday, according to GasBuddy's daily survey of 720 gas outlets in Sacramento.

The five states where prices fell the most were IN (down 12 cents), Kentucky (9 cents), OH (9 cents), MI (8 cents) and IL (6 cents).

In Jacksonville, the average fell 1 cent to $2.17 in the past week.

More news: Dick's Sporting Goods jumps on earnings beat (DKS)

On the New York Mercantile Exchange Monday, April West Texas intermediate crude oil fell another 9 cents to $48.40 per barrel.

When oil prices take this kind of beating, DeHaan said, one might expect gas prices to move in lockstep. Some stations were advertising as at $2.09 a gallon. It's one cent lower than that in Alabama at $2.05. The lowest average Monday was metro Augusta at $2.093. "I remain optimistic that the annual spring rally at the pump could be less severe than expected, but remain cautious as it remains hard to know where the new path will lead oil prices in the week ahead".

Two neighboring gas stations got into a bidding war and gas prices plummeted all the way to 79 cents. Georgia drivers previous year were paying about $1.875, while metro Albany motorists were paying $1.87.

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